By Kerri Pepoy,Staff Writer

NORWAY – Norway Savings Bank may begin construction of its new Education Center in Oxford during the next two months, President Bob Harmon said Tuesday.

“We hope construction can start in December or January,” Harmon said. The 27,000-square-foot building, to be located in the Oxford Hills Business Park on Route 26, is designed to accommodate the bank’s growth during the next 15 to 20 years, he said.

The bank has grown in total assets by serving markets in western and southern Maine with a diversified mix of products including trusts and investments, commercial loans, residential loans, and home equity loans, as well as traditional banking services such as checking and savings accounts and certificates of deposit.

Harmon said the bank’s main location on Main Street in Norway will remain its home office and operate as a branch. “We just capped out in Norway,” he said. “We’ve outgrown the building.”

The state Department of Environmental Protection accepted the bank’s application for processing on Oct. 25. Danielle Obery, a DEP project manager, said the state has up to 90 days from the acceptance date to approve the storm water plans. After approval, a permit is issued and construction can begin. Obery said DEP will make site visits during the construction phase.

The center has been given preliminary approval of its site plan by the Oxford Planning Board and expects the final OK once the DEP authorizes the bank’s plans, Harmon said.

Harmon said the bank has grown 5 to 10 percent each year in total assets during the last five years and on average has added 10 to 12 employees each year. That growth is expected to continue, spurring the need for the new Education Center, he said.

The new building has been dubbed the bank’s Education Center because it will house a fairly large training room for employees, as well as bank operations including deposit processing, loan processing, and information technology, Harmon said. Initially, about 50 employees will relocate to the new building.

Harmon said customers will eventually be able to do their banking activities at the site once a branch building is constructed.

Norway Savings currently operates 20 branches and has 260 employees.